The “Kuwait National Bank” records the highest quarterly profit in its history

Kuwait – Mubasher: Increase in profits National Bank of Kuwait In the third quarter of 2022, it increased 45% annually to 136.4 million dinars (438.9 million US dollars), which is the highest quarterly profit in the bank’s history.

Kuwait National Bank reported profits in the first nine months of this year of 374.2 million dinars ($ 1.2 billion), an increase of 46.9%, according to a statement today, Tuesday. compared to the level of the same period the previous year, which amounted to 254.8 million dinars (819.9 million dollars).

Commenting on the results, Essam Al-Sager, Group Vice President and CEO, said: “In the third quarter of 2022, we achieved the highest quarterly profit in our history and continued to demonstrate the strength and quality of our diversified business mix. , as well as underlining the flexibility of our profits ”.

Essam Al-Sager explained that the increase in the bank’s profits during the first nine months was supported by the growth in operating revenues, which amounted to 753.5 million dinars (2.4 billion US dollars), with an increase of 10.6% year on year, in addition to the improvement in the cost of risk, thanks to the conservative approach adopted by the bank in past years.

Al-Sager pointed out that the bank has seen good growth in deposits and the loan portfolio, which has supported improving margin levels, and the bank has continued to experience strong growth in its main business sectors, including Islamic banking services and wealth and asset management.

He continued: “We continue to operate from a position of strength where we rely on a prudent strategy and financial resilience based on our strong balance sheet and the expertise we possess to deliver innovative products and insightful advice our clients depend on. diversifying the business model continues to create long-term added value for our customers, communities and shareholders. “.

The Group CEO added that the bank continues to implement a disciplined growth strategy, investing in digital talent and technologies to achieve the best returns for shareholders.

The statement indicated the growth in total assets at the end of September of the year 2022 At 6.8% year-on-year, it reached 34.7 billion Kuwaiti dinars (111.7 billion US dollars).

Total loans and advances reached 20.6 billion Kuwaiti dinars (66.3 billion US dollars), up 8.7% year-on-year, and customer deposits increased 11% to 19.3 billion Kuwaiti dinars (US $ 62 billion).

Total net worth was 3.5 billion Kuwaiti dinars (US $ 11.2 billion), up 1.5% year-over-year.

According to the statement, net operating income reached 753.5 million Kuwaiti dinars (US $ 2.4 billion) in the first nine months of 2022, an increase of 10.6% over the same period in 2021.

With regard to asset quality standards, NBK maintained good levels, as the bad loan ratio to the total loan portfolio reached 1.24%, while the coverage ratio of impaired loans reached 308%, with the group that maintains comfortable capitalization levels with a capital adequacy ratio of 16.3% exceeding the minimum levels required.

The national team had made a profit In the first half of this year With a value of 237.83 million dinars, compared to 160.77 million dinars in the first six months of the previous year, with an annual growth of 47.9%.

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